Amid the ongoing bull run in the crypto market, the growing inflow of Bitcoin ETFs is the main catalyst. With BlackRock’s Bitcoin ETF close to 200K BTC, altcoins like THETA price enter a trend reversal phase.
One of the top performers, Theta Network, is on the rise and presents a breakout event in the weekly chart. With sideline traders on the verge of capitalizing on this breakout, the altcoin eyes a 100% jump in the coming times. So, will the Theta price reach $10 this year? Find out now in our multi-year THETA Price Prediction.
Will Theta Network Cross $6?
As per our last analysis, the THETA price continues to sustain the trend reversal momentum, leading to a huge jump. The altcoin has increased its market value by 146% within a fortnight and is ready to cross $3.50.
Source: TradingView
With a streak of bullish candles in the last 14 days, the altcoin is challenging the 23.60% Fib level. Further, the bull run comes with a huge increase in trading volume, projecting a high possibility of an uptrend extension.
Currently, the THETA price exchanges hands at $3.43 with an intraday growth of 6.36%, creating a huge bullish candle.
With this turnaround in the weekly chart, the native token finds its value back to April 2022 levels. Hence, the overall sentiment around the token is extremely positive.
Technical Indicators:
EMA: With the THETA price rising back, the 50 and 200-week EMAs are teasing a golden crossover shortly. Thus, the dynamic average lines prepare to siren a trend reversal.
DMI: With the ADX line on a positive slope, momentum is evidently rising. Further, the VI lines are sustaining a positive alignment.
Will THETA Price Surge 100%?
As the price jump aims to exceed the 23.60% Fibonacci level, the THETA price is ready for a quick ascension to 2021 levels. As per the Fib levels, the altcoin could head to 50% Fib level with a breakout run to reach $6.73.